Mini case studies


  • Investment Holding Company

Kinnevik is a Swedish family-controlled holding company which since its establishment in 1936 has evolved from iron, paperwork and woodworking industries, to telecoms and now digital consumer businesses. Kinnevik own a 32% stake in European e-commerce leader Zalando, as well as stakes in telecoms companies Millicom and Tele2. Kinnevik also have an exciting portfolio of early stage growth investments, in sectors such as healthcare, e-commerce and consumer finance, where they play an active role in supporting growth.

Key events:

  • The potential distribution of Millicom (23% of NAV) to shareholders
  • The IPO of further unlisted assets e.g. Livongo
  • Larger ticket unlisted investments

Kinnevik 1Q19 portfolio composition
E-commerce & marketplaces 43 % 43 %
TMT 51 % 50 %
Financial Services 5 % 5 %
Healthcare & Other 2 % 2 %


  • 2.2% of NAV
  • 9.2% discount (Figures as at 30 September 2022)

Fujitec is a global lift manufacturer with sales in Japan, China, Southeast Asia, North America and Europe. The most appealing aspect of the business is the maintenance contracts for the lifts. These last for decades, producing steady, recurring profit.

  • EV/EBIT = 7 versus listed peers with EV/EBIT approching 18x
  • 3% dividend yield
  • 53% of capital is in cash and listed securities

Cosan Ltd

  • Investment Holding Company

Cosan Ltd is made up of two listed companies; Cosan SA and Cosan Logistica. Through these two companies we have exposure to the rail transport, sugar production and fuel distribution sectors. Cosan trades at an extraordinarily high 57% look-through discount on high quality businesses.

Efficient management execution of business of plan:

  • consolidation of independent fuel stations
  • acquire sugar producers
  • build out their rail capacity


Cosan’s controlling family shareholder takes an active approach to unlocking vvalue through the simplification of the complex group structure.

Positive developments in 2019:

  • share buybacks
  • cancellation of shares held in treasury
  • Cosan SA announced intention to take Comgas private

Oakley Capital Investments

  • Investment Company
  • 6.2% of NAV
  • 41.0% discount (Figures as at 30 September 2022)

Oakley Capital Investments (“OCI”) is an AIM listed closed-end fund investing in, and making co-investments alongside, private equity funds run by Oakley Capital. Oakley Capital focuses on complex deals (e.g. carve-outs) sourced by a network of Oakley-friendly entrepreneurs, which often allows it to bypass the auction process. OCI has assembled a portfolio of companies in the education, TMT and consumer sectors. The businesses display attractive economics – 41% EBITDA growth for FY2018 – and is held at just 13x EBITDA.

Image source: Inspired Education


Current investments: % of portfolio
Time-Out* 16 %
Inspired 14 % Global network of private K-12 schools
North Sails* 12 % Manufacturer of sails and masts; consumer division sells North Sails-branded apparel
WebPros 11 % European and US provider of web-hosting services
Career Partner 7 % German private university
Casa/atHome 6 % Italian and Luxembourg Internet property portals
Schulerhilfe 6 % German network of after-school tutoring services
Fund facilities 5 % Loans provided to Oakley funds at 6.5% interest
Daisy* 5 % UK B2B communication services 4 % Italian price comparison website
Seagull/Videotel 4 % Marine education software
Ekon 3 % Spanish provider of ERP software to SMEs
Rastreator/Acertio 3 % Spanish price comparison websites
Amos 2 % French higher education institute offering degrees in sports, tourism, etc.
Tech Insights 2 % Canadian provider of intellectual property services (reverse-engineering of patents)

* indicates that OCI holds both equity and debt positions

OCI announced at the end of May that it would be selling part of its stake in Inspired (14% of NAV) to the US private equity firm Warburg Pincus at an estimated 18x EV/EBITDA multiple. This is an uplift on Inspired’s valuation by +75%.